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Hilton is celebrating 25 years of HHonors by giving away 1 Million Hilton HHonors Points to 25 lucky grand prize winners. Hilton HHonors Members can enter to win 1 Million Hilton HHonors Points between now and September 18, 2012.

If you are not yet a HHonors member, you can sign up here before you enter. In addition to daily entries for the grand prize, Hilton is offering instant win prizes including an additional 2,500 HHonors Points, free night certificates or an exclusive prize package from the Hilton brands.

How much will 1 million HHonors points buy you? Hilton offers their best properties -dreamy properties (excluding those in the Waldorf-Astoria brand) – for 50,000 points per night. Elites receive a redemption discount on multi-night stays. At those rates, you could travel like royalty on to some beautiful and exotic locations. Or you could opt to stretch your points to see many more locations all over the globe.

Gary Leff, the savviest travel blogger I know, has a detailed discussion of the value of Hilton HHonors points.  In short,

the value of a loyalty program point, expressed in dollars (cents), is the amount at which you are indifferent between holding points and holding cash.

In other words, half a cent is basically my indifference point. I know I can get half a cent of value out of my Hilton points, so at that point it’s as good as holding cash. Since I can replace cash on pretty much any given Hilton stay and each point will be worth about half a cent when I do so.

It isn’t that I can’t do better. I can and I do. The reason I spend 5 nights at the Conrad Koh Samui paying 200,000 points is because I calculated my stay ‘cost me’ $1000 or $200 per night. I was willing to spend $200 a night to stay there, I wasn’t going to spend $800 to do so.

Where would you go with all those points?
Good luck!